Puerto Rico is a self-governing unincorporated territory of the U.S.A. Therefore, if you open a corporate bank account in Puerto Rico, it will be part of the American banking system.
At the same time, your account will be subject to the tax incentives and banking privacy terms stipulated by the Puerto Rican legislation and policy attracting international businesses and investors to this jurisdiction.
Companies trading physical goods and services (e.g. IT firms), as well as clients whose accounts have been closed earlier in Latvia, Cyprus or some other offshore jurisdictions, find this opportunity a perfect solution for starting, diversifying and extending their operation in the Caribbean.
A private Puerto Rican bank for your offshore corporate account
Our Offshore Pro Group experts can recommend a fully independent privately-owned bank in Puerto Rico for opening your corporate account. Just like other Puerto Rican banks, it is subject to the rules applicable to the U.S. financial institutions, because Puerto Rico is a self-governing commonwealth in association with the United States. This offshore bank has its own ABA routing number issued to any federal or state-chartered financial institution eligible to maintain an account with the U.S. Federal Reserve. In other words, it is fully integrated into the American system and is classified as a U.S. state bank.
The bank account with this bank can be opened remotely, without having to pay a personal visit to Puerto Rico. If you wish, you can arrange a trip to the headquarters of the bank in San Juan or appoint a meeting with representatives of the bank in other parts of the world.
It is important to mention that a bank does not work with cryptocurrencies, and does not accept funds that are withdrawn from stock exchanges.
If you want to open an account for a financial organization, your case will need to be thoroughly considered. You can discuss it first with our consultants by writing to firstname.lastname@example.org.
The recommended Puerto Rican bank sees its main mission in rendering a range of private banking and customized trade finance services to small and medium-sized businesses to help them develop their business globally in various industrial and service fields.
You can open an account in USD, EUR, GBP. You will get a unique IBAN for your EUR account.
There are no restrictions on daily cash flow.
International transfers are executed through SWIFT, Fedwire, SEPA.
This year (2020), the recommended bank is going to introduce debit cards.
The Bank has accumulated high-level expertise in trade finance, in issuance of documentary letters of credit, standby letters of credit and bank guarantees.
The Bank has also gained extensive experience working with companies engaged in service fields, in particular, in IT-projects.
If a company has previously closed an account in Latvia, Cyprus, or another jurisdiction, it is possible to open an account with the recommended Puerto Rican bank.
Documents required to open an offshore corporate account with the private Puerto Rican bank
Documents need to be compiled in English or translated into English and certified (apostilled) if necessary.
Every corporate applicant will need to submit the following portfolio:
- A filled-in APPLICATION FORM for opening a corporate account with this bank
- CERTIFICATE OF INCORPORATION
- MEMORANDUM & ARTICLES OF ASSOCIATION/BY-LAWS
- CERTIFICATE OF GOOD STANDING (a recent copy) quoting the publicly available information about the company: its address, information about directors, and shareholders. It should be updated annually
- PROOF OF BUSINESS ADDRESS (NOT a PO Box) in the name of the organization and not an individual (Utility Bill, Bank Statement, Tax Document, or confirmation from some government body). The document must not be older than three (3) months
- SHAREHOLDER REGISTRY
- CORPORATE RESOLUTION FOR ACCOUNT OPENING & DESIGNATION OF SIGNATORIES for the Account
- VERIFICATION OF SOURCE OF FUNDS
- FORMS W-8 BEN-E, W-8 EXP or W-8 IMY, W-9 or as applicable
One of the following documents is also required:
- Confirmation of the active status of the entity – issued by SOME RELEVANT REGULATORY AUTHORITY
- Confirmation of the Employer Identification Number (EIN) from the COUNTRY’S TAX AUTHORITIES
- Permit/ License to carry out activities issued by the LICENSING AUTHORITY
- Certificate of registration for sale tax with the TAX AUTHORITY.
The following documents need to be submitted on behalf of each Director/Authorized Representative, Officer, Beneficial Owner, and Controlling Person:
- Copy of an unexpired PASSPORT
- PROOF OF RESIDENTIAL ADDRESS (NOT a PO Box) in the name of the individual (Utility Bill, Bank Statement, Tax Document, or correspondence from a government organization.) The document must not be older than three (3) months
- Filled in FORMS W-8 BEN, W-8 ECI, or W-9 as applicable
The scanned copies of documents must be of high quality and in color.
The bank may require additional documents at any time.
Costs of holding an offshore corporate account with the private Puerto Rican bank
The recommended bank charges a commission for opening an account. The exact amount depends on several factors: whether an offshore company is used, how many beneficiaries the company has, from which country the beneficiaries are, how risky the business is.
The basic price is 2,500 USD. However, the exact sum payable for consideration of the application by the bank will be known only after the verification of your documents.
The bank accepts ACH payments. The correspondent bank is the Bank of America, and soon it will be the Central Bank of America. All tariffs within the bank are agreed with the client individually.
Commission for incoming payments depends on the same criteria and ranges from 0.6% to 2.5% of the amount.
The basic commission for outgoing payments is 60 US dollars.
The bank rejects applications from companies whose business is considered by the bank as risky in terms of the potential criminal exploitation of the financial system. Examples of such risky businesses are as follows:
- Monetary trading
- Credit card issuance
- Credit repair
- Dating services
- Consolidation of debts
- Financial services
- Online Marketing
- Quick loans
- Tracking equipment sales and production
- Travel clubs.
Procedure for opening an offshore corporate account with the private bank in Puerto Rico:
- First, you are offered to sign an agreement for our expert services in opening a corporate account with the recommended bank in Puerto Rico. Send us a request to email@example.com.
- Then you will be asked to pay our set-up fee, starting at 3999 EUR. We accept payments via WebMoney, payment card, bank transfer, PayPal, or Western Union.
- Next, you will need to fill in the bank forms, prepare the set of documents. At this stage (Pre-Approval) we will study them thoroughly and give our feedback with professional recommendations.
- Thereafter, the bank will conduct its own verification of documents and confirm or reject them.
- If confirmed, you must print all documents and send them by courier to the address specified by us.
- You will then pay a bank commission for the opening of the account.
- Once the bank receives all the documents and receives the account opening fee, the account will be opened within 1 banking day.
- After that, the bank will assign you an individual personal account / account number.
Send us your questions and request for our services today at firstname.lastname@example.org.